BTCUSD Medium-term Trend: Ranging
Resistance levels: $6,609, $6,744, $6,918
Support levels: $6,439, $6,286, $6,145
BTC/USD is ranging in its medium-term outlook. The gradual bullish movement of BTC towards the resistance level of $6,609 after broke out from the ranging mode was disrupted by the bears. A bearish hammer was formed and BTC was sent below the support level of $6,609, it started consolidating.
BTC price is ranging between the resistance level of $6,439 and the support level of $6,286. Should the bulls increase their momentum and sustain it, the BTC price will break the resistance level of $6,439 and rally to the north towards the resistance level of $6,609. Also, in case the resistance level of $6,439 hold the bear will push the coin to the south and break down the support level of $6,286, expose the $6,145 level.
The 10-day EMA and the 50-day EMA are interlocked to each other with the coin above the two EMAs which indicate the consolidation is ongoing. The Stochastic Oscillator 14 is above 20 levels with its signal lines twisted to each other confirming ranging movement.
BTCUSD Short-term Trend: Bearish
BTC on the 1-Hour chart is bearish. The BTC broke out from the last week consolidation phase by the gradual bullish movement to the resistance level of $6,439 but could not break out to the upside due to low pressure. The bears returned the BTC price below the resistance level of $6,439 and the price has been decreasing towards the resistance level of $6,286.
The coin is below the 10-day EMA and 50-day EMA with the two EMAs well separated indicate BTC price is falling. Should the price break out to the north from this level; there is a probability that it will find its high at the resistance level of $6,609. In case the resistance level of $6,439 holds the price will experience downtrend.
